Tycoon with the 'Midas' touch

Last month, Cable Thai Holding (CTH), of which Wichai is the chairman and major shareholder, acquired the rights to broadcast the English Premier League in Thailand, Cambodia and Laos over the next three seasons.

In another first, Wichai made his debut on Forbes magazine’s 2012 “Thailand 40 Richest” ranking in August. Ranked the 20th richest, the tycoon has an estimated net worth of US$670 million (Bt20.5 billion), a fortune he’s amassed through real estate and medical tourism, and which received a healthy boost from the merger of his Phyathai Hospital Group with Bangkok Dusit Medical in 2011. 

But despite his diverse business interests, the 65-year-old tycoon does not regard himself as an expert in acquisitions.

“I’m an investor who invests in businesses that have a good future and can be value added,” he says.

During his career as a lawyer and legal consultant, Wichai regularly attended meetings with his clients’ management teams, absorbing the skills he would one day apply to his own businesses. While he credits these experiences for helping him to build his own success, he acknowledges that his personal drive to learn about globalisation and the courage to make decisions have also played major roles. 

“I wasn’t born to a wealthy family so I know what it’s like to struggle. That made me determined and ready to face life’s obstacles. I developed what I call a gut feeling,” he says. “I’ve also leaned to be cautious and to analyse all aspects before acting.”

Before choosing a business in which to invest, Wichai looks carefully at its fundamentals, analyses the financial problems, studies the management abilities of it executives and operational personnel and considers whether or not it has a good future. 

“Managing risk or minimising risk is also a main factor,” he says. 

His preferred business model is consolidation.

“I like the term ‘consolidate Thailand’. I personally think there are many weak businesses in the country while the competition both worldwide and in the region is rising,” he says. 

He says he wants to see both small and large enterprises develop themselves to become more competitive on the national stage. Consolidation is a solution that will help strengthen their businesses and give them better bargaining power, he says. Mergers are also welcomed by the market, and Wichai would like to see consolidation becoming a role model for other Thais in doing business. 

Yet for all the respect he has earned in the business world, Wichai still finds himself having to answer accusations that his success can be credited to former prime minister Thaksin Shinawatra, for whom he acted as legal adviser in the 2001 assets concealment case against the fugitive ex premier.

“They completely misunderstand the situation. I try to explain that all the time,” he says.

Wichai patiently explains, yet again, that he had started his business career before he even met the former prime minister, adding that he first became involved in the business world while working as a lawyer for a financial company in 1978. At that time, he claims, he was dealing with many cases related to stocks -possibly the most in Thailand. 

After that, he started his own business dealing in the stock market and property. From 1988, he was earning major profits from his property business and 10 years later decided to divert his interests to Thailand’s medical services. In 1999, he acquired shares in Sikarin hospital and became the major shareholder. A year later, he invested in Paolo Memorial Phaholyothin hospital. 

Wichai, who is a close friend of Thaksin’s brother-in-law and former prime minister Somchai Wongsawat, became Thaksin’s lawyer in 2001 at the request of Somchai. He retired as a lawyer after the case to focus on his business but still acts as a legal adviser to his subordinates and other companies. 

“Now I’m confident that most people know the truth and understand me better. I insist I have never been Thaksin’s nominee nor have I been a nominee for any member of the Shinawatra family,” he says.

The former lawyer adds he hasn’t talked or met with Thaksin since the case but admits he’s unlikely to be believed as he remains friends with the ex-premier’s brother-in- law. 

“I freely admit that I still keep in touch in Somchai. You can resign from a prime ministerial or other post but you will never be able to quit as a friend. It’s not fair for us to stop being friends. Somchai and I have been close friends for 46 years,” he says. 

Asked if Thaksin might want to ask how it is that Wichai is richer than his former client - Thaksin Shinawatra and family are ranked 23rd on the Forbes list - the tycoon laughs. “I won’t answer that. Anyway, I don’t think Thaksin would ask.”

Wichai is currently keeping an eye on his new nursing faculty at a private university, which is designing a curriculum for nursing students.

He would, he says, have preferred to run a medical university but Thailand’s regulations for that kind of business are far too difficult even for an enterprising businessman like himself.

“Healthcare services and hospitality are the businesses of the future. Thailand’s ranking in hospitality is still at the top. I really want to set up an institution that will give Thai people the ability to give quality service but I don’t think it could succeed in my time. But I wish to see every part of Thailand able to provide healthcare services in the future,” he says.  

The tycoon is also focusing on his new business at CTH and plans to list CTH on the stock market within the next three years. If his project succeeds, he may step down as chairman and pass the business on to the young generation.

But that doesn’t mean he will retire soon. 

“It is my karma. I cannot stop working. I love it too much,” the tycoon says.